T. Devanathan Yadav, director of the Mylapore Hindu Permanent Fund, who was accused of defrauding hundreds of investors of several crores of rupees, surrendered before a special court on Friday (November 14, 2025) for cases under the Tamil Nadu Protection of Depositors Act (failure to comply with the provisions of Act 197 in Financial Institutions). Madras High Court deposits ₹100 crore.
The Economic Offenses Wing (EOW) booked him under the TNPID Act following several complaints filed by depositors who alleged that they were cheated of over ₹600 crore they had deposited with a finance firm. Yadav was arrested by the EOW in August last year.
On 15 September 2025, the Madras High Court granted him anticipatory bail on the condition that he should mobilize ₹100 million himself and deposit the fund in the TNPID court on or before 30 October.
However, he said on October 30 that he could not mobilize the funds because all his property documents were in the custody of the police. Anticipatory bail was then extended to November 7. Subsequently, the High Court asked him to surrender before the trial court after the expiry of his interim bail last Sunday or end up in police custody.
A non-bailable warrant was issued against him by the TNPID Act Cases Court.
A senior police officer said, “Considering the sensitive nature of the case, we have formed a special team under the leadership of Additional Deputy Superintendent of Police and launched a search to nab him.”
On Friday, Yadav, accompanied by his lawyers, surrendered before a special court on the High Court campus. The judge ordered his detention.
Published – November 14, 2025 12:32 PM IST
